Friday, November 17th, 2017

 

US stocks retreat as market ponders tax cut prospects

NEW YORK, United Nov 17 — Wall Street stocks fell early today, pausing after the prior session’s rally as investors tried to suss out the prospects for President Donald Trump’s tax cut plan. The House of Representatives, as expected…


VW to spend €34b in drive to become e-car leader (VIDEO)

FRANKFURT AM MAIN, Nov 17 — German automaker Volkswagen today said it planned to invest more than €34 billion (RM166 billion) over the next five years in new technologies to advance its push to become a global leader in electric cars. “We…


VW to spend €34b in drive to become e-car leader

FRANKFURT AM MAIN, Nov 17 — German automaker Volkswagen today said it planned to invest more than €34 billion (RM166 billion) over the next five years in new technologies to advance its push to become a global leader in electric cars. “We…


IOI Corp’s Q1 FY2018 pre-tax profit rises to RM450.1m

KUALA LUMPUR, Nov 17 — IOI Corporation Bhd (IOI Corp) recorded a pre-tax profit of RM450.1 million in the first quarter of its financial year ending June 30, 2018 (Q1 FY2018) from RM136 million a year ago. The higher group’s pre-tax profit…


HSBC calls banker’s US$2.4m bonus suit a waste of time

LONDON, Nov 17 — A former HSBC Holdings Plc banker filed a lawsuit after being told he couldn’t have his bonus because he helped clients cheat on their taxes. The bank responded by counter-suing him for wasting its time. Rajesh Parmar is…


Oil climbs as Saudi Arabia seeks to dispel doubts over Russia

LONDON, Nov 17 — Oil climbed, paring losses earlier this week, as Saudi Arabia moved to dispel doubts over Russia’s readiness to extend output curbs. Futures rose 1.5 per cent in New York, trimming the weekly decline to 1.4 per cent, after…


Fire incident at Heng Huat’s Gua Musang plant

PETALING JAYA: A fire broke out at Heng Huat Resources Group Bhd's production plant in Gua Musang, Kelantan at 1am on Thursday.

In a filing with Bursa Malaysia, the company said no one was injured in the incident and the production floor was not severely affected.

The company estimates that operations can fully resume within two weeks. It said that the assets are covered by insurance.

“The fire department and insurance representatives are still conducting investigation to ascertain the cause of the fire. As such, the company has yet to ascertain the full financial impact and consequences of the incident,” it said.

The production plant belongs to its wholly owned subsidiary HK Gua Musang Sdn Bhd.

Heng Huat's share price fell 1.85% to close at 26.5 sen on Friday, with a total of 1.05 million shares traded.


TRIplc shareholders to receive RM1.95 special dividend per share

PETALING JAYA: TRIplc Bhd proposes to distribute a special dividend of about RM1.95 per share or RM134.79 million upon the completion of the disposal of TRIplc by Pimpinan Ehsan Bhd to Puncak Niaga Holdings Bhd.

Pimpinan Ehsan will then assume the listing status of TRIplc.

TRIplc said in a filing with the stock exchange that it had resolved on November 17 to distribute part of the disposal consideration to shareholders of Pimpinan Ehsan via a special cash dividend after the completion of the proposed internal reorganisation and disposal.

Tan Sri Rozali Ismail and Central Plus (M) Sdn Bhd are major and substantial shareholders in both TRIplc and Puncak Niaga.

TRIplc said the proposed special dividend is to reward its shareholders for their support.

Besides the proposed special dividend, the RM210 million disposal sum will also be used to acquire/develop new businesses and for working capital.

TRIplc's share price fell 9 sen or 3.9% to close at RM2.21 on Friday on some 658,500 shares done.


Nexgram served with claims totalling RM2.83m

PETALING JAYA: Nexgram Holdings Bhd's 70%-owned subsidiary Blue Hill Development Sdn Bhd (BHD) has been served with 10 writ of summons and statement of claims for a total of RM2.83 million.

In a filing with Bursa Malaysia, Nexgram said all the plaintiffs are claiming for the long outstanding debts in respect of the cause of action including non-payment of building/construction materials sold and delivered, non-payment for leasing of plastering machinery and breach of credit guarantee.

The 10 plaintiffs are AYS Marketing Sdn Bhd, San Lee Engineering Trading Sdn Bhd, Steel Park Malaysia Sdn Bhd, Sadagene Steel Sdn Bhd, Hume Marketing Co Sdn Bhd, Posim Marketing Sdn Bhd, CMCM Perniagaan Sdn Bhd, KT Potential Sdn Bhd, Jakar Jaya Hardware Sdn Bhd and BRC Prefab Holdings Sdn Bhd.

The writs date as far back as Nov 1, 2016. Nexgram said it did not make any announcement before because individually, the writ of summons and statement of claim is below the materiality threshold of Nexgram in respect of its obligation to make immediate disclosure.

BHD had obtained a restraining order from the Court of Appeal dated Aug 29, 2017 for a meeting of the creditors of BHD to be convened within three months from the date of the order, with liberty to apply to the High Court to seek further extension of time).

The meeting is to consider and if thought fit, approve a scheme of arrangement to be proposed between BHD and its creditors.

In addition, its wholly-owned subsidiary Nexgram Land Sdn Bhd (NLand) had on Aug 21, 2017 filed counter-claims against Spacious Glory Sdn Bhd, the vendor of the shares in BHD purchased by NLand.

NLand is claiming that the writs clearly prove a fundamental breach on the part of the vendor against the due diligence confirmation provided by the vendor at the conclusion of the due diligence exercise conducted by NLand prior to the acquisition of the shares.

The proceeding of the counter-claim is currently an on-going matter in court. The estimated potential liability to the Nexgram Group arising from the abovementioned litigation would be RM2.83 million.

Nexgram said BHD is not a major subsidiary, and the writs and statement of claims are not expected to have any material financial and operational impact on Nexgram Group as BHD has recorded and accounted for the judgement sum in their balance sheet.

Nexgram's share price closed unchanged at 3.5 sen on Friday with a total of 105,000 shares traded.


Nissan CEO returns his pay after inspection scandal

YOKOHAMA, Nov 17 — The CEO of Japanese car giant Nissan said today he will return part of his pay until next March following a damaging inspection scandal. Nissan recalled some 1.2 million vehicles after admitting in October that staff without…